Companies (Accounting) Bill 2016

Public bill · Government · Presented

Updates company accounting rules to match EU law, especially how businesses must prepare and present annual accounts and group accounts. It creates a new “micro company” category with lighter reporting duties, expands exemptions for small companies, and changes what directors and auditors must disclose so the rules are simpler for smaller firms but still keep core financial information on record. It also adds a new reporting duty for large mining, quarrying and logging companies to publish payments made to governments, which matters for transparency and public oversight.

Formal long title

Bill entitled an Act to give further effect to Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC and, for that purpose to amend the Companies Act 2014; to make provision for certain other amendments to that Act; to provide for the amendment of certain other enactments; and to provide for related matters

Last updated 12 June 2025